Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at cost Units sold at Ketall 205 units @$10.20 $ 2,091 160 units @ $40.20 300 units @$15.20 = 4,560 250 units @ $40.20 400 units @ $20.20 8,080 375 units @ $40.20 105 units 1,010 units @$25.20 2,646 $ 17,377 785 units Exercise 5-8 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 @equired: Hemming uses a perpetual inventory system. .Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. . Compute the gross profit for FIFO method and LIFO method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Goods Purchased Date # of units Cost per unit # of units sold Perpetual FIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance January 1 205 at $ 10.20 = $ 2,091.00 January 10 160 at $ 10.20 = $ 1,832.00 45 at $ 10.20 = $ 459.00 300 at $ 15.20 45 at $ 10.20= $ 459.00 March 14 300 at $ 15.20 = 4,500.00 Total March 14 $ 5,019.00 45 at $ 10.20 = $ March 15 205 at 19 $ 15.20 = 459.00 3,116.00 at $ 10.20 114 at $ 15.20 = $ 1,732.80 Total March 15 $ 3,575.00 $ 1,732.80 400 at $ 20.20 July 30 1 1 at at $ 15.20 at $ 20.20 $ 10.20 Total July 30 October 5 Total October 5 October 26